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This story is from April 7, 2006
Petronet LNG sews up Dahej expansion fund
Petronet has been able to to achieve financial closure at a very competitive rate of 8% per annum on non-recourse basis.
NEW DELHI: The lenders to Petronet LNG Ltd's Dahej project have reaffirmed their confidence by executing agreements for additional loan of Rs 1,233 crore and non-fund based limits of Rs 400 crore for expansion of the 12.5 million tonne per annum liquefied natural gas import terminal.
As a measure of the project's inherent strength, Petronet has been able to to achieve financial closure at a very competitive rate of 8% per annum on non-recourse basis.
This comes amid rising interest rates the world over.
Petronet also successfully concluded project insurance arrangements with its existing consortium of Indian insurance companies for Dahej expansion with a premium outlay of less than 50% over Phase-I.
The Indian insurers and the overseas reinsurance markets have continued to appreciate the performance of the company by reducing the year-on-year premium of operational policies at a compounded rate of 25%.
The company has been able to achieve substantial reductions despite hardened insurance markets post-Gulf of Mexico catastrophes.
Petronet CEO & MD Prosad Dasgupta apprised lenders and insurers of the company's future initiatives. The company also signed a project management consultancy agreement with Engineers India Ltd along with Japan's Tokyo Gas Engineering for the Dahej expansion.
As a measure of the project's inherent strength, Petronet has been able to to achieve financial closure at a very competitive rate of 8% per annum on non-recourse basis.
Petronet also successfully concluded project insurance arrangements with its existing consortium of Indian insurance companies for Dahej expansion with a premium outlay of less than 50% over Phase-I.
The Indian insurers and the overseas reinsurance markets have continued to appreciate the performance of the company by reducing the year-on-year premium of operational policies at a compounded rate of 25%.
The company has been able to achieve substantial reductions despite hardened insurance markets post-Gulf of Mexico catastrophes.
Petronet CEO & MD Prosad Dasgupta apprised lenders and insurers of the company's future initiatives. The company also signed a project management consultancy agreement with Engineers India Ltd along with Japan's Tokyo Gas Engineering for the Dahej expansion.
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